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Registered number: 02086001
A.T.P.Electronic Developments Limited
Financial statements
For the Year Ended 30 April 2019
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A.T.P.Electronic Developments Limited
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Company Information
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A H Smart (resigned 8 May 2019)
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A G Peck (appointed 1 May 2019, resigned 15 August 2019)
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A Victoria (appointed 8 May 2019)
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G Heald (appointed 8 May 2019)
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A Aston (appointed 15 August 2019)
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A Grossklaus (appointed 8 May 2019)
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Cannock Wood Industrial Estate
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A.T.P.Electronic Developments Limited
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Contents
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Notes to the financial statements
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A.T.P.Electronic Developments Limited
Registered number:02086001
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Balance sheet
As at 30 April 2019
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 29 April 2020.
___________________________
S Steadman
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The notes on pages 2 to 8 form part of these financial statements.
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A.T.P.Electronic Developments Limited
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Notes to the financial statements
For the Year Ended 30 April 2019
A.T.P Electronic Developments Limited is a private company limited by shares incorporated in England and Wales. The registered number of the company is 02086001 and its registered office is Cannock Wood Industrial Estate, Cannock Wood Street, Cannock, Staffordshire, WS12 0PL. The principal activity of the company is that of the supply of electronic products and services for the motor component industry.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The following principal accounting policies have been applied:
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Sale of goods
Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
∙the Company has transferred the significant risks and rewards of ownership to the buyer;
∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
∙the amount of revenue can be measured reliably;
∙it is probable that the Company will receive the consideration due under the transaction; and
∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
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A.T.P.Electronic Developments Limited
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Notes to the financial statements
For the Year Ended 30 April 2019
2.Accounting policies (continued)
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Tangible fixed assets (continued)
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Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised within 'administrative expenses' in the Statement of comprehensive income..
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first outbasis. Work in progress and finished goods include labour and attributable overheads.
At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in the case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow
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A.T.P.Electronic Developments Limited
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Notes to the financial statements
For the Year Ended 30 April 2019
2.Accounting policies (continued)
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Financial instruments (continued)
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discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
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Foreign currency translation
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Functional and presentation currency
The Company's functional and presentational currency is GBP.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the Statement of income and retained earnings except when deferred in other comprehensive income as qualifying cash flow hedges.
Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of income and retained earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in the Statement of income and retained earnings within 'other operating income'.
Defined contribution pension plan
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in the Statement of income and retained earnings when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.
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A.T.P.Electronic Developments Limited
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Notes to the financial statements
For the Year Ended 30 April 2019
2.Accounting policies (continued)
Tax is recognised in the Statement of income and retained earnings, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance sheet date, except that:
∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.
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The average monthly number of employees, including directors, during the year was 15 (2018 -15).
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A.T.P.Electronic Developments Limited
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Notes to the financial statements
For the Year Ended 30 April 2019
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Charge for the year on owned assets
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Amounts owed by group undertakings
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Prepayments and accrued income
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Cash and cash equivalents
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A.T.P.Electronic Developments Limited
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Notes to the financial statements
For the Year Ended 30 April 2019
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Other taxation and social security
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Accruals and deferred income
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Cash and cash equivalents
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Financial assets measured at undiscounted amounts receivable
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Financial liabilities measured at undiscounted amounts payable
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Financial assets measured at undiscounted amount receivable comprise trade debtors and amounts due from group undertakings.
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Financial liabilities measured at undiscounted amount payable comprise trade creditors, amounts owing to group undertakings and accruals.
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The company, under a group registration, is jointly and severally liable for value added tax by other group companies. At 30 April 2019 this contingent liability amounted to £188,727 (2018 - £111,526).
There is also a composite company limited multilateral guarantee between the company, ATP Industries Group Limited and ATP Automotive Transmission Remanufacturing Specialists Limited.
The company contributes to the personal pension plan of a number of employees. The charge in the accounts represents the amounts contributed to these schemes in the year of £8,416 (2018 - £7,936). At the year end an amount of £2,290 (2018 - £1,586) remained payable.
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A.T.P.Electronic Developments Limited
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Notes to the financial statements
For the Year Ended 30 April 2019
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Post balance sheet events
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On the 8 May 2019 the company was acquired by ATCDT Corp., a company registered in the USA.
In October 2019 A.T.P Electronic Developments Limited acquired a 72.5% majority stake in the Joint Venture Luwote (Zhangjiagang) Power Remanufacturing Technology Co., Ltd., China - equivalent to CNY 42,375,499. Also, it established a wholly owned foreign entity, ATC China Trading Company Limited located in Shanghai, China, with a capital injection of $US 100,000. Finally loans were granted to the JV in the amounts of 1,500,000 CNY on 23 December 2019.
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Ultimate parent undertaking and controlling party
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At the Balance Sheet date the ultimate parent undertaking of the company was ATP Industries Group Limited, a company registered in England and Wales. The ultimate controlling party was A H Smart, a director, by virtue of his controlling interest in the share capital of the ultimate parent undertaking. On the 8 May 2019, the company was acquired by ATCDT Corp., a company registered in the USA. There is no one ultimate controlling party.
The auditors' report on the financial statements for the year ended 30 April 2019 was unqualified.
The audit report was signed on 29 April 2020 by Mark Hargate FCA (Senior statutory auditor) on behalf of Dains LLP.
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